Seems a little underpowered to me compared to expectations, but I'm not sure that's a bad thing. Should keep costs competitive (you never know). Also, it's always difficult to tell how powerful a console will be based on specs. One thing I'm pretty sure of, though, is that the next console war isn't going to be about raw power. Everyone now realises what a total waste of time quibbling about the relative power of the 360/PS3, in the end they could both make great looking games, and that'll be even more true of the next gen.
They'll all have their version of motion control, and they'll all have their games, and the key differentiator is going to be the user experience. So far I think MS has the edge here. They made some missteps with the last dashboard update, but even with those, the way everything works together, updates easily, enables quick and easy purchasing of stuff is way beyond what the other two are doing right now. They'll need to step up, because I think this is what people will be looking for next time.
Last time was a dress rehearsal, in a way. Gotta remember that the 360/PS3 was the first time consoles had anything but the most basic of front ends, and they've been learning as they go. Next time, people will be expecting that stuff, and demanding that it be great.